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Taguig lakeshore project temporarily postponed

[ ] May 11, 2010
by Elaine Ramos Alanguilan
The timetable for the proposed redevelopment and reclamation of the 3,000-hectare lakeshore area of the City of Taguig has been set back for at least a year as the global economic crisis and this year’s national elections kept prospective investors at bay.
Taguig Mayor Sigfrido Tinga said the project, which would be developed in several phases, had attracted the biggest names in property development but investors opted to firm up their decisions only after the elections.
“Investors are taking a wait-and-see stance until after the elections,” said Tinga in a chance interview at the sidelines of a recent seminar on the housing sector.
The local government unit and the Laguna Lake Development Authority have offered the private sector to reclaim a 3,000-hectare lakeshore area for at least P3 billion.
Tinga said many of the country’s largest property developers expressed interest to participate in the project, but conceded that there was no major development since the project was launched late in 2008.
He said the US-led financial crisis had also kept investors from making big investment decisions until global economies recover and stabilize.
“The project is parcelized. The initial area of development for the first phase involves 50 hectares. A lot has expressed interest since this is a viable project,” said Tinga.
The proposed project would include mixed-use zones and an international airport.
Taguig and the lake authority earlier said they would form a 50-50 joint venture to oversee the three-phase development of the lakeshore project. State lender Development Bank of the Philippines was tapped as financial advisor.
Tinga has said the city’s strategic location makes it ideal for the development of large-scale and low- to mid-density mixed-use projects.

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